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Finance 25

Amendment of section 20

38. Section 20 of the Ordinance is amended

(a) by substituting for the words in respect only of theexcess of the original consideration over the aggregateof the considerations moving from the sub-purchasers,but so that the duty on such last mentioned conveyanceshall in no case be less than two dollars in subsection(4) the words in the manner specified by section 12 Aand item 32 (a) of the First Schedule to this Ordinance;and

(b) by substituting for the word five appearing twice insubsection (5) the word ten.

New section 20 B

39. The Ordinance is amended by inserting immediately aftersection 20 A the following new section 20 B:

Vesting or transfer of an undivided interest in property

20 B. Every conveyance either on sale or by way of gift orsettlement which operates to vest or transfer an undividedinterest in real property shall contain an affidavit of the transfereecertifying that the transaction effected by the instrument doesnot form part of a larger transaction or series of transactionscompleted or to be completed within a period of twelve monthsafter the date of the first of the instruments employed tocomplete the conveyance of the property and where the

transaction effected by the instrument forms part of a largertransaction or series of transactions and the aggregate of theconsideration or market values of the separate parts or parcelsbeing conveyed exceeds one hundred thousand ringgit, the ad valorem duty upon that instrument and upon every otherinstrument following shall be calculated on that excess at therate of two ringgit for each one hundred ringgit or fractionalpart of a hundred ringgit of the amount of the money valueof the consideration or the market value of each part or parcel

whichever be the higher..

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Laws of Malaysia26 A CT 309


40. Section 21 of the Ordinance is amended by substituting for

the words five dollars or of fifty cents in subsection (2) thewords ten ringgit or three ringgit.


41. Section 29 of the Ordinance is amended by deleting thewords shall be deemed to be an agreement, and in subsection (2).

New section 29 A

42. The Ordinance is amended by inserting immediately aftersection 29 the following new section 29 A:

Direction as to duty upon a primary or principal security

29 A. In determining whether an instrument is the only, principalor primary security for any annuity, or for any sum or sumsof money or for the payment or repayment of money underitem 21, 22 or 27 of the First Schedule to this Ordinance, no

account shall be taken of any other instrument which is asecurity for the same annuity, sum or sums of money or forthe same payment or repayment, as the case may be, or forany part thereof, unless that other instrument is chargeablewith stamp duty under one of the said items of charge and isduly stamped or is exempt from stamp duty either under thegeneral exemptions of the First Schedule to this Ordinance orby an order made under section 80 of this Ordinance..

Amendment of the First Schedule

43. The First Schedule to the Ordinance is amended

(a) by inserting after item 4 the following new item 4 A:

4 A. AGREEMENT OF SALE:

(a) Being the only, principal or RM2.50 for everyprimary security given under RM500.00 or partthe Al-Bai-Bithaman, thereof of the total

Al-Mudharabah principles of principal sumthe Syariah Code advanced by thefinancier.



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Finance 27

(b) Being a collateral or auxiliary One fi fth of theor additional or substituted duty on thesecurity or by way of further principal orassurance for purposes under primary security

(a) where primary security but not exceedingis duly stamped RM10.00.;

(b) by substituting for sub-item 27 (f) the following new sub-item (f):

(f) Being a mortgage of stock ormarketable security under section 29under hand only:

(i) where the principal or RM2.50 for everyprimary or other instrument RM500.00 or therelat ing to the mortgage has part thereof .not been charged toad valorem duty

(ii) in any other case RM10.00.;

(c) by inserting immediately after item 50 the following newitem 50 A:

50 A. LETTER OF HYPOTHECATION RM3.00,

and(d) by inserting the following exemption under sub-item 58(4):

Exemption

Where the sum insured does not exceed RM5,000.

CHAPTER VII

AMENDMENTS TO THE *STAMP ORDINANCE(SARAWAK)

Commencement of amendments to the Stamp Ordinance(Sarawak)

44. The provisions of this Chapter shall come into force on1 January 1985.

* NOTE The Stamp Ordinance (Sarawak) [ Swk. Cap. 32 ] has since been repealed by the Stamp(Amendment and Extension) Act 1989 [ Act A723 ] see the Schedule of Act A723.



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45. Section 2 of the Stamp Ordinance (Sarawak), which in thisChapter is referred to as the Ordinance, is amended by insertingimmediately after the definition of the words foreign currencyloan the following new definition:

letter of hypothecation means any instrument creating apledge or lien over goods in consideration of moneys advancedor to be advanced or to secure the payment or repayment of moneys;.

New Sections 3 C and 3 D

46. The Ordinance is amended by inserting immediately aftersection 3 B the following new sections 3 C and 3 D:

Vesting or transfer of an undivided interest in property

3C . Every conveyance either on sale or by way of gift orsettlement which operates to vest or transfer an undividedinterest in real property shall contain an affidavit of the transfereecertifying that the transaction effected by the instrument doesnot form part of a larger transaction or series of transactionscompleted or to be completed within a period of twelve monthsafter the date of the first of the instruments employed tocomplete the conveyance of the property and where thetransaction effected by the instrument forms part of a largertransaction or series of transactions and the aggregate of theconsideration or market values of the separate parts or parcelsbeing conveyed exceeds one hundred thousand ringgit, the ad valorem duty upon that instrument and upon every otherinstrument following shall be calculated on that excess at therate of two ringgit for each one hundred ringgit or fractionalpart of a hundred ringgit of the amount of the money valueof the consideration or the market value of each part or parcelwhichever be the higher.

Direction as to duty upon a primary or principal security

3D. In determining whether an instrument is the only, principalor primary security for any annuity, or for any sum or sumsof money or for the payment or repayment of money underitem 21, 22 or 27 of the First Schedule to this Ordinance, noaccount shall be taken of any other instrument which is asecurity for the same annuity, sum or sums of money or forthe same payment or repayment, as the case may be, or for



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Finance 29

any part thereof, unless that other instrument is chargeablewith stamp duty under one of the said items of charge and isduly stamped or is exempt from stamp duty either under the

general exemptions of the First Schedule to this Ordinance orby an order made under section 19 A of this Ordinance..


47. The First Schedule to the Ordinance is amended

(a) by inserting after item 4 the following new item 4 A:

4 A. AGREEMENT OF SALE:

(a) Being the only, principal or RM2.50 for everyprimary security given under RM500.00 or partthe Al-Bai-Bithaman, thereof of the totalAl-Mudharabah principles of principal sumthe Syariah Code advanced by the

financier.

(b) Being a collateral or auxiliary One fi fth of theor additional or substituted duty on thesecurity or by way of further principal orassurance for purposes under primary security

(a) where primary security but not exceedingis duly stamped RM10.00.;

(b) by substituting for sub-item 27 (f) the following newsub-item (f) :

(f) Being a mortgage of stock ormarketable securityunder hand only:

(i) where the principal or RM2.50 for everyprimary or other instrument RM500.00 or therelating to the mortgage part thereof.has not been charged toad valorem duty

(ii) in any other case RM10.00.;

(c) by inserting immediately after item 50 the following newitem 50 A:

50 A. LETTER OF HYPOTHECATION RM3.00,

and



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(d) by inserting the following exemption under sub-item 58(4):

Exemption

Where the sum insured does not exceed RM5,000.

CHAPTER VIII

AMENDMENTS TO THE *ESTATE DUTYENACTMENT 1941

Commencement of amendments to the Estate Duty Enactment

1941

48. The provisions of this Chapter shall be deemed to have comeinto force on 19 October 1984 and shall apply in the case of anyperson dying on or after that date.


49. Section 5 of the Estate Duty Enactment 1941, which in thisChapter is referred to as the Enactment, is amended

(a) by substituting for the word five wherever it appearsthe word seven;

(b) by deleting the first proviso to paragraph (iii);

(c) by substituting for the words And Provided further inthe second proviso to paragraph (iii) the word Provided;and

(d) by inserting immediately after the words public orcharitable purposes in the third proviso to paragraph(iii) the words approved by the Director General of Inland Revenue Malaysia.


50. Section 9 of the Enactment is amended by substituting for

the word five wherever it appears the word seven.* NOTE The Estate Duty Enactment 1941 [ F.M.S. 7 of 41 ] has since been repealed by the FinanceAct 1992 [ Act 476 ] see subsection 46(1) of Act 476.



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51. Section 13 of the Enactment is amended

(a) by substituting for the word five wherever it appearsthe word seven; and

(b) by inserting immediately after the words public orcharitable purposes in the second proviso the wordsapproved by the Director General of Inland RevenueMalaysia.


52. Section 23 of the Enactment is amended by deleting thewords for reasonable funeral expenses not to exceed one thousanddollars or two and a half per centum of the ascertained value of the estate whichever is the smaller and in subsection (i).

CHAPTER IX

AMENDMENTS TO THE *ESTATE DUTY

ORDINANCE (SABAH)Commencement of amendments to the Estate Duty Ordinance(Sabah)



54. Section 7 of the Estate Duty Ordinance (Sabah), which inthis Chapter is referred to as the Ordinance, is amended


(b) by inserting immediately after the words publicor charitable purposes in the second proviso toparagraph (d) the words approved by the Director General

of Inland Revenue Malaysia.* NOTE The Estate Duty Ordinance (Sabah) [ Sabah Cap. 42 ] has since been repealed by theFinance Act 1992 [ Act 476 ] see subsection 46(1) of Act 476.



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(b) by inserting immediately after the words public orcharitable purposes in the proviso to subsection (1) thewords approved by the Director General of Inland RevenueMalaysia.


56. Subsection 17(1) of the Ordinance is amended by deletingthe words for reasonable funeral expenses, and.

CHAPTER X

AMENDMENTS TO THE *ESTATE DUTYORDINANCE (SARAWAK)

Commencement of amendments to the Estate Duty Ordinance(Sarawak)



58. Section 2 of the Estate Duty Ordinance (Sarawak), which inthis Chapter is referred to as the Ordinance, is amended

(a) by deleting the words (other than heirlooms, householdand personal effects, including jewellery, such jewellerynot being of a greater value than five hundred dollars)in subsection (1);

(b) by substituting for the word five wherever it appearsin subsection (5) the word seven; and

(c) by inserting immediately after the words public orcharitable purposes in the proviso to subsection (5) thewords approved by the Director General of Inland RevenueMalaysia.

* NOTE The Estate Duty Ordinance (Sarawak) [ Swk. Cap. 29 ] has since been repealed by theFinance Act 1992 [ Act 476 ] see subsection 46(1) of Act 476.



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(a) by deleting (1) in subsection (1); and

(b) by deleting subsection (2).

CHAPTER XI

AMENDMENTS TO THE *FINANCE (ESTATE DUTY)ACT 1980

Commencement of amendments to the Finance (Estate Duty)Act 1980


Deletion of section 4

61. Section 4 of the Finance (Estate Duty) Act 1980, which inthis Chapter is referred to as the principal Act, is deleted.


62. The principal Act is amended by substituting for the FirstSchedule the following new First Schedule:

F IRST SCHEDULE

[Section 5]

RATES OF ESTATE DUTY IN CASE OF PERSON DYINGDOMICILED IN ANY PART OF MALAYSIA

Principal Value of the Estate Rate of Duty

For every ringgit of the first RM2,000,000 Nil

For every ringgit of the next RM2,000,000 5 per cent

For every ringgit exceeding RM4,000,000 10 per cent.

* NOTE The Finance (Estate Duty) Act 1980 [ Act 224 ] has since been repealed by the FinanceAct 1992 [ Act 476 ] see subsection 46(1) of Act 476.



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Amendment of the Second Schedule

63. The principal Act is amended by substituting for the Second

Schedule the following new Second Schedule:

S ECOND SCHEDULE

[Section 6]

RATES OF ESTATE DUTY IN CASE OF PERSON DYINGDOMICILED OUTSIDE MALAYSIA

Principal Value of the Estate Rate of Duty

For every ringgit of the first RM400,000 Nil

For every ringgit of the next RM400,000 5 per cent

For every ringgit exceeding RM800,000 10 per cent.



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LAWS OF MALAYSIA

Act 309

FINANCE ACT 1984

LIST OF AMENDMENTS

Amending law Short title In force from

NIL



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LAWS OF MALAYSIA

Act 309

FINANCE ACT 1984

LIST OF SECTIONS AMENDED

Section Amending authority In force from

NIL

DICETAK OLEHPERCETAKAN NASIONAL MALAYSIA BERHAD


act 309 finance act 1984

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